Medical Expenses Again Cited as Top Retirement Worry

More than one-quarter (28%) of Americans say high medical
expenses are their biggest financial worry about retirement.

A Bankrate.com survey report reveals the highest-income
households (over $75,000 per year) are even more concerned about high medical
expenses than the overall population. The second biggest worry is running out
of money, which is the greatest fear for Millennials, followed by not being
able to afford daily expenses (18%) and having too much debt (11%).

The report reveals that while 29% of Americans are satisfied
with the amount they are currently saving, others express regret for not being able
to save more. One-third say they cannot save more for retirement because they
have just enough money for their day-to-day expenses, while 14% point to family
obligations and 10% blame their student loan debt. Millennials were more than
twice as likely as any other age group to blame their student loan debt for
hampering retirement savings.

Regarding their future expectations, Americans are realistic
about Social Security’s role in their retirements. Sheyna Steiner, senior
investing analyst at Bankrate.com, explains the average Social Security payout
is only around $15,000 per year. Despite this, survey results show 13% of
Americans expect Social Security payments to account for all or most of their
retirement income. Another 14% expect it to account for half of their
retirement income, and about one-fourth believe they will not get anything from
Social Security. “People are realistic to think they’ll need to supplement that
income,” adds Steiner.

The survey was conducted by Princeton Survey Research
Associates International (PSRAI) through telephone interviews with 1,003 adults
in the U.S. The complete report is available here.